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08-10-2022
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Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance. Old Equipment Cash Book Value Fair Value Paid Case A $ 49,900 $ 60,700 $ 14,800 Case B $ 39,400 $ 35,900 $ 7,400 In Case A, Grand Forks would record the new equipment at:
Multiple Choice

$75,500.

$49,900.

$60,700.

$64,700.

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